Happy Chinese New Year to all our Chinese friends, clients and also the wider community. Doesn’t Lancaster look beautiful with all the hanging lanterns?
They are lots of activities happening in and around Lancaster to celebrate the Chinese New Year, please keep an eye on the dedicated Facebook page the Chinese Community have set up if you want to know what’s happening and also take part.
Back in the office, we have all been chatting about the Chinese New Year, our favourite Chinese food and our new found love for Bao buns! The conversation naturally turned to property – it always does!
This year, it is the year of the Rabbit. Cassie in our office announced that she is Rabbit, born in 1987. Back then the average property price was £44,355. Prices have increased more than 5 times since she was born. Who says that property isn’t a good investment!
Back in Lancaster, our own data only goes back as far as 1996. Therefore we thought, let’s see what the average property price was in 2011, the last year of the Rabbit. Back in 2011, the average property price in the UK was £164,785. In Lancaster, it was £133,412. Today, in Lancaster it is £172,088. Property prices have jumped by almost 30% locally. Not quite as high as the UK average, but 30% is still a considerable jump. The biggest year for growth was in 2021.
We also have some fun facts for you. Did you know?
- A total of 204,646 residents (0.4% of total) aged 3 and over living in England and Wales have Chinese (Mandarin, Cantonese or Other Chinese) as their main language, according to the Census 2021.
- According to Google, there are just 433,150 Chinese residents in the UK.
- Buyers from China also play an important role in the prime central market in London, particularly the new build market and are currently able to get a 10% discount on property prices in the UK due to the exchange rates alone.
That’s it for our Chinese New Year inspired property blog. Once again, we wish our Chinese friends, clients and the community the very best and wish you all a very happy Chinese New Year!
Thanks for reading
Michelle x